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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Tom Smith who wrote (173186)	6/16/2002 10:38:58 PM
From: Box-By-The-Riviera™	Respond to of 436258

he sing what they tell him to sing. meanwhile back at the ranch: Message 17610913

To: Tom Smith who wrote (173186)	7/4/2002 11:10:09 AM
From: long-gone	Read Replies (1) \| Respond to of 436258

This along the line about which you were looking?: Muehlemann to quit as Credit Suisse chairman, remains CEO Wed Jul 3, 1:33 PM ET ZURICH, Switzerland - Lukas Muehlemann is to stand down as chairman of embattled Swiss banking giant Credit Suisse Group to concentrate on his role as chief executive, the company announced Wednesday. Muehlemann will leave the post at the 2003 annual meeting, Credit Suisse said in a statement, adding that it was forming a committee to search for a new chairman. Muehlemann's future has been in doubt in recent months as the bank tried to fight back from disastrous financial results that saw it falling far behind its main rival, UBS. In March, the company reported that its net profit for 2001 had plunged 73 percent from a year earlier to 1.5 billion Swiss francs (then dlrs 890 million). Credit Suisse blamed the drop partly on losses at its investment banking arm Credit Suisse First Boston linked to the collapse of energy trader Enron Corp. The unit reported losses of 1.59 billion francs (then dlrs 940 million) in the final quarter of 2001. "Given that the continuing challenging environment demands Lukas Muehlemann's full attention as the chief executive officer, he has proposed to the board of directors that the dual mandate of chairman of the board of directors and chief executive officer of the group be separated," Credit Suisse said in a statement. The company added that it expects an operating loss in the second quarter of 2002, as a result of additional, lower equity valuations in the insurance business, leaving the company at break-even for the first half of the year. First-quarter profits were down 74 percent on the same time last year at 368 million Swiss francs (dlrs 227 million). Credit Suisse also announced the immediate appointment of Oswald Gruebel as chief executive of Credit Suisse Financial Services. He replaces Thomas Wellauer, who will leave the bank at the end of September. The announcements came after the close of Wednesday's trading in Zurich. Credit Suisse shares finished the day down 2.3 percent at 45.45 francs (dlrs 30.5). story.news.yahoo.com